This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the "Reprints" link at the bottom of any article.

In the January issue of Research, the magazine teams up with consulting firm Dalbar to present retirement plan transparency rankings. New regulations mandate that 401(k) plan service providers convey detailed disclosures, especially about fees. The rankings assess which providers have done well in meeting these requirements—and which ones have not.

In the latest Finke on Finance feature, Michael Finke discusses "The Dangers of Too Much Liquidity," which prominently include the temptation to spend available funds. He explains how advisors can help clients navigate such downsides.

Elsewhere in the issue, Moshe Milevsky looks ahead to the annuities of the near future, and anticipates that they will be surprisingly similar to products of the distant past. In The Global Economy column, Alexei Bayer takes readers "Beyond Stock Gloom." Plus, a profile of fee-only advisor Dana Anspach looks at her distinctive style in offering retirement advice.

Click through the following slides to preview the January issue of Research.

On the surface, it may seem like just another onerous, costly government drill: The Department of Labor’s new ERISA (Employee Retirement Income Security Act of 1974) 408(b) (2) disclosure rule. It mandates that 401(k) plan service providers and others furnish plan sponsors with highly detailed transparency disclosures, especially concerning fees—or face enforcement consequences.

But the impact of the new regulations could be market-changing for the entire 401(k) industry.

Which is better, a lump sum or an annuity? A recent Texas Tech study investigated how much money people were willing to accept today to give up $500 a month from their Social Security annuity. One of the few statistically significant predictors was liquidity. But not in the direction we expected. Those who placed a large value on access to funds in times of medical need were less willing to sell their annuity.

I watch in dismay as one insurance company after another continues the slow and torturous process of freezing, limiting and withdrawing the benefits from their guaranteed living withdrawal benefits (GLWBs). A week doesn’t go by without another shoe dropping. A payout percentage here, an equity fund there, a joint-life option over here and before you know it, your variable annuity (VA) has been neutered.

Alexei Bayer writes that investors have reason to be nervous, but also optimistic. Excerpt:

Since the recovery from the worldwide financial meltdown commenced in 2009, global stock markets have closely mirrored international economic fundamentals: lots of false hopes and liquidity-driven bouts of enthusiasm followed by regular sharp corrections. The recovery has been sluggish, at best, and stock market rallies have lacked a solid foundation. On balance, the Global Dow Jones index has been in a holding pattern, trading in late 2012 very close to where it stood three years ago.